For some, managing credit card debt can be a nightmare. Well last quarter American’s paid down $32.5 billion worth of credit card debt. Sounds like great news right? Not so fast…….According to this article in Time Magazine, this figure is considerably less than what we paid at the end of the recession and as consumers are on target to spend over $42 billion more than last year. With the lag in job growth and the housing crash still hanging over our heads, this could spell impending doom.
Read more here: https://time.com/2854661/credit-card-bomb/
As this article points out, Americans typically pay down the largest portion of their debt after the first quarter. With figures like these, I think the writing may be on the wall. If you have been unable to pay off your credit card debt or have re-entered the credit card game with bigger debts than before, it may be time to consult a debt settlement attorney. An attorney who is experienced in this area of law can assist you in getting out of debt while likely avoiding the need for bankruptcy.
Author: Kevin Fallon McCarthy